Lockheed Secures $853M Navy Contract to Support Aegis Combat System Fielding, Sustainment

Lockheed Martin (NYSE: LMT) has secured a potential seven-year, $853 million contract to help the U.S. Navy field and sustain the Aegis weapon system.

The company’s rotary and mission systems business will provide engineering, software development, in-service maintenance, logistics, fielding and integration support for Aegis configurations delivered and scheduled to be handed over to the Navy, the Department of Defense said Thursday.

Ninety-six percent of contract work will occur in Moorestown, New Jersey, and the rest in Dahlgren, Virginia, through December 2023.

The cost-plus-fixed-fee, cost-only contract has an initial value of $139.7 million.

Naval Sea Systems Command awarded the contract on a sole-source basis and the service branch obligated funds from shipbuilding and conversion, research, development test and evaluation and other procurement accounts.

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